Equity Alert: Reliance Infrastructure down 8%; support 703 rupees

[K.Karthik Raja]

Equity Alert: Reliance Infrastructure down 8%; support 703 rupees
Tuesday, Jul 8
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Equity Alert: Reliance Infrastructure down 8%; support 703 rupees
MUMBAI--12PM--Shares of Reliance Infrastructure were down 7% at
725 rupees
on profit booking after rising nearly 8% in the last two sessions,
dealers said.
They said the stock has a downward bias amid a weak broad market.
"The sell off in the counter has been heavy today following the
surge in the
last two sessions. The stock can find immediate support at 703 rupees
after
which it should hold on to 695-rupee levels," a senor dealer at a
domestic
brokerage said.
Also, the stock has strong support at 660 rupees and is unlikely
to go below
that level unless Sensex touches new lows, the dealer said.
So far today, 1.97 mln shares of Reliance Infrastructure have been
traded
on NSE.
July futures of the stock were trading at a 2-point premium to the
spot.
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